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Side-by-side financial comparison of Erie Indemnity (ERIE) and Lennox International (LII). Click either name above to swap in a different company.
Lennox International is the larger business by last-quarter revenue ($1.2B vs $1.0B, roughly 1.2× Erie Indemnity). Erie Indemnity runs the higher net margin — 14.9% vs 13.6%, a 1.3% gap on every dollar of revenue. On growth, Erie Indemnity posted the faster year-over-year revenue change (2.3% vs -11.2%). Over the past eight quarters, Lennox International's revenue compounded faster (6.8% CAGR vs 1.1%).
Erie Insurance Group, based in Erie, Pennsylvania, is a property and casualty insurance company offering auto, home, business and life insurance through a network of independent insurance agents. As of 2021, Erie Insurance Group is ranked 347th on the 2021 Fortune 500 list of largest American corporations, based on total revenue for the 2020 fiscal year.
Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.
ERIE vs LII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.2B |
| Net Profit | $150.5M | $162.1M |
| Gross Margin | — | 34.7% |
| Operating Margin | 16.5% | 18.6% |
| Net Margin | 14.9% | 13.6% |
| Revenue YoY | 2.3% | -11.2% |
| Net Profit YoY | — | -18.0% |
| EPS (diluted) | — | $4.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $951.0M | $1.2B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $989.4M | $1.1B | ||
| Q4 24 | $924.1M | $1.3B | ||
| Q3 24 | $999.9M | $1.5B | ||
| Q2 24 | $990.4M | $1.5B |
| Q1 26 | $150.5M | — | ||
| Q4 25 | $63.4M | $162.1M | ||
| Q3 25 | $182.9M | $245.8M | ||
| Q2 25 | $174.7M | $277.6M | ||
| Q1 25 | $138.4M | $120.3M | ||
| Q4 24 | $152.0M | $197.7M | ||
| Q3 24 | $159.8M | $239.0M | ||
| Q2 24 | $163.9M | $245.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 34.7% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 34.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 33.6% |
| Q1 26 | 16.5% | — | ||
| Q4 25 | 16.6% | 18.6% | ||
| Q3 25 | 19.6% | 21.7% | ||
| Q2 25 | 18.8% | 23.6% | ||
| Q1 25 | 15.3% | 14.5% | ||
| Q4 24 | 18.1% | 18.2% | ||
| Q3 24 | 18.0% | 20.2% | ||
| Q2 24 | 19.2% | 22.1% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 6.7% | 13.6% | ||
| Q3 25 | 17.1% | 17.2% | ||
| Q2 25 | 16.5% | 18.5% | ||
| Q1 25 | 14.0% | 11.2% | ||
| Q4 24 | 16.5% | 14.7% | ||
| Q3 24 | 16.0% | 16.0% | ||
| Q2 24 | 16.5% | 16.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.62 | ||
| Q3 25 | — | $6.98 | ||
| Q2 25 | — | $7.82 | ||
| Q1 25 | — | $3.37 | ||
| Q4 24 | — | $5.52 | ||
| Q3 24 | — | $6.68 | ||
| Q2 24 | — | $6.87 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $34.7M |
| Total DebtLower is stronger | — | $1.1B |
| Stockholders' EquityBook value | $2.4B | $1.2B |
| Total Assets | $3.4B | $4.1B |
| Debt / EquityLower = less leverage | — | 0.98× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $34.7M | ||
| Q3 25 | — | $59.2M | ||
| Q2 25 | — | $55.1M | ||
| Q1 25 | — | $222.9M | ||
| Q4 24 | — | $422.3M | ||
| Q3 24 | — | $255.7M | ||
| Q2 24 | — | $57.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $2.2B | $900.5M | ||
| Q1 25 | $2.1B | $852.5M | ||
| Q4 24 | $2.0B | $850.2M | ||
| Q3 24 | $1.9B | $754.0M | ||
| Q2 24 | $1.8B | $577.4M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.4B | $4.1B | ||
| Q3 25 | $3.3B | $3.5B | ||
| Q2 25 | $3.1B | $3.7B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $2.9B | $3.5B | ||
| Q3 24 | $2.9B | $3.3B | ||
| Q2 24 | $2.7B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $405.9M |
| Free Cash FlowOCF − Capex | — | $376.7M |
| FCF MarginFCF / Revenue | — | 31.5% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $638.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $171.6M | $405.9M | ||
| Q3 25 | $219.4M | $300.7M | ||
| Q2 25 | $177.6M | $86.8M | ||
| Q1 25 | $118.1M | $-35.8M | ||
| Q4 24 | $193.5M | $332.4M | ||
| Q3 24 | $199.2M | $452.1M | ||
| Q2 24 | $131.4M | $184.0M |
| Q1 26 | — | — | ||
| Q4 25 | $140.8M | $376.7M | ||
| Q3 25 | $184.4M | $265.1M | ||
| Q2 25 | $157.3M | $58.3M | ||
| Q1 25 | $88.4M | $-61.3M | ||
| Q4 24 | $146.8M | $272.2M | ||
| Q3 24 | $171.5M | $410.9M | ||
| Q2 24 | $103.4M | $151.3M |
| Q1 26 | — | — | ||
| Q4 25 | 14.8% | 31.5% | ||
| Q3 25 | 17.3% | 18.6% | ||
| Q2 25 | 14.8% | 3.9% | ||
| Q1 25 | 8.9% | -5.7% | ||
| Q4 24 | 15.9% | 20.2% | ||
| Q3 24 | 17.1% | 27.4% | ||
| Q2 24 | 10.4% | 10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 2.4% | ||
| Q3 25 | 3.3% | 2.5% | ||
| Q2 25 | 1.9% | 1.9% | ||
| Q1 25 | 3.0% | 2.4% | ||
| Q4 24 | 5.0% | 4.5% | ||
| Q3 24 | 2.8% | 2.8% | ||
| Q2 24 | 2.8% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.71× | 2.50× | ||
| Q3 25 | 1.20× | 1.22× | ||
| Q2 25 | 1.02× | 0.31× | ||
| Q1 25 | 0.85× | -0.30× | ||
| Q4 24 | 1.27× | 1.68× | ||
| Q3 24 | 1.25× | 1.89× | ||
| Q2 24 | 0.80× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ERIE
| Management fee revenue - policy issuance and renewal services | $786.4M | 78% |
| Administrative services reimbursement revenue | $200.1M | 20% |
| Management fee revenue - administrative services | $19.5M | 2% |
| Service agreement revenue | $5.9M | 1% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
